Assessing The Environment (cont. Forecasting used to predict future events to facilitate decision making Techniques quantittive -applies a set of mathematical rules to a series of past data to predict outcomes qudllittive-uses the judgment and opinions of knowledgeable individuals to predict outcomes collaborative forecasting and replenishment (CFAR) standardized way for businesses to use the Internet to exchange data -information used to calculate a demand forecast for a particular product ©Prentice Hall,2002 9-6 Assessing The Environment (cont.) Forecasting – used to predict future events to facilitate decision making – Techniques • quantitative - applies a set of mathematical rules to a series of past data to predict outcomes • qualitative - uses the judgment and opinions of knowledgeable individuals to predict outcomes • collaborative forecasting and replenishment (CFAR) – standardized way for businesses to use the Internet to exchange data – information used to calculate a demand forecast for a particular product © Prentice Hall, 2002 9-6